Panostaja Oyj Stock Exchange Bulletin, inside information November 2, 2020 at 10.00 a.m.
Panostaja Investment Target Grano’s Employer-Employee Negotiations End
Grano Group, part of the Panostaja Group, has completed the co-operation negotiations initiated on 7 September 2020. The measures agreed in the negotiations include improving the Group’s competitiveness and reforming, adapting and streamlining operations through restructuring. As a result of the negotiations, the restructuring of operations will mean the total termination of an estimated 96 jobs. With re-casting, an estimated 20 people will continue to work in a new role. In addition, the employer will consider layoffs of up to 90 days during the financial year 2021.
The company initially estimated that the planned restructuring may result in the full-time or part-time lay-off or dismissal of up to 120 people and a lay-off of up to 90 days for all personnel in the negotiations. At the end of September, Grano Group employed 930 people.
The aim is to achieve annual cost savings of approximately EUR 3.4 million through restructuring and streamlining operations, of which approximately EUR 1 million is expected to be realised in the financial year 2021. The targeted savings will take full effect on an entire financial period’s profitability level for the first time in the 2022 financial period.
CEO Pekka Mettälä Grano Oy +358 40 504 2019
CEO Tapio Tommila Panostaja Oyj +358 40 527 6311
Panostaja is an investment company developing Finnish SMEs in the role of an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories. Panostaja has a majority holding in seven investment targets. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2019 financial year, the Group’s net sales totaled MEUR 190.
Council varies its investment policy – BC Local News – BCLocalNews
The District of Houston has bolstered its policy of placing public monies in local financial institutions by allowing the amount to be invested to exceed othwerwise specified limits.
It means that $7.5 million in investments coming due Dec. 31 can be placed with either the Bulkley Valley Credit Union or the Royal Bank or with both and not placed elsewhere.
In a detailed presentation made to council Nov. 17, District of Houston chief administrative officer Gerald Pinchbeck, also the District’s financial officer, noted the District’s existing policy sets dollar amount limits based on a percentage of the District’s total investment account and on a percentage of the assets of the Bulkley Valley Credit Union.
The same policy also sets limits on what can be invested with the Royal Bank, the only other financial institution in the community, based on the percentage of securities within the District’s total investment portfolio.
“If there are any overages, then upon maturity the investments woud need to be made elsewhere,” he said.
The District’s investment mix includes term deposits now at the credit union which are guaranteed and senior government and corporate bonds.
In approving of the move to exceed the investment limits in the policy, council directed that the policy be brought back for a further review at a future date.
“Investments under the temporary policy variance will be made by reviewing the rates being offered, the security of the investments available, and the expected return on investment,” said Pinchbeck.
The money the District invests are not required for its current operating or capital spending obligations.
The District’s long-standing policy of placing investments with financial institutions that have a presence in the community reflects its commitment to recognize and support local businesses.
Feedback Isn’t Just A Gift-It’s An Investment – Forbes
It’s often said that feedback is a gift. But the truth is—feedback is an investment.
A colleague and I recently received feedback from a client about a session we had facilitated that did not meet their expectations. The client reported that participants were not adequately engaged by the content and that we didn’t leave enough room for discussion. They even complained about our choice of closing music. (I guess not everyone appreciates Kelly Clarkson.) The feedback was thoughtfully delivered, but it still hit hard. I took a few deep breaths, thanked the client and discussed how to improve the next session. My colleague and I incorporated the feedback into our next workshop plan, and they loved it. Their critical feedback was key to our success.
If someone cares enough about you to give you feedback, it is a sign that they care about the relationship. Our client was able to deliver important critical feedback to us because we had built a foundation of trust. We had been working with them for more than a year, conducting workshops, having frequent calls, getting to know one another as professionals and as human beings. We had also invested in the relationship in big and small ways. This meant that when we stumbled, our client did not see us as just another vendor who could be easily replaced. Instead, they came to us and shared their concerns. And though the feedback was a bit painful, it helped us grow and strengthen the relationship.
For many people, the investment of giving critical feedback feels risky. A 2017 study of managers, whose job it is to give feedback, found that 44% report discomfort giving negative feedback and 21% avoid it. Why? In my experience conducting feedback trainings, many professionals express fear that they will encounter defensiveness, worry that the feedback will damage the relationship, and hopelessness about people’s ability to change. These perceived risks are a lot to overcome.
So if someone who is not required to give you feedback takes the risk of offering you what Warren Buffet calls the “very expensive gift” of honesty and gives you critical feedback, they are signaling that (1) the issue matters to them, (2) the relationship matters to them, and (3) they believe—or at least hope—that improvement is possible. That is good news.
Getting critical feedback stings. When someone tells you that something you did harmed them or bugged them or didn’t work for them, it is natural to feel embarrassed, hurt or defensive. But there is something even worse than getting critical feedback about a blind spot: when someone withholds important feedback, denying you the opportunity to learn, improve and repair. So the next time someone gives you critical feedback, even if it stings, remember that it signals that they are investing some of their personal capital in you. Really listen with curiosity. How can you make their investment pay off for both of you?
Investment regulator accuses Gary Ng of fraud – The Globe and Mail
The former owner of Vancouver-based investment bank PI Financial Corp. is facing accusations of fraud after allegedly falsifying documents and creating fake brokerage accounts to borrow approximately $172-million, part of which he used to purchase PI Financial.
Gary Ng, co-founder of Winnipeg-based broker Chippingham Financial Group Ltd., acquired PI Financial for $100-million in 2018 through a personal holding company. He financed the all-cash deal with a pair of loans – worth $80-million and $20-million – that were supposedly secured against assets he claimed he held in his own investment accounts. He borrowed an additional $72-million in 2019 and 2020 for separate deals.
According to a statement of allegations filed by the Investment Industry Regulatory Organization ahead of a disciplinary hearing, Mr. Ng greatly inflated his net worth to fool three lenders: an unnamed U.S. “investment firm,” an unnamed Canadian “asset management firm,” and an unnamed Canadian “private company.”
He altered documents to put his name on corporate client accounts that he did not own and created other fake accounts and account balances, which were used as collateral for the loans, IIROC alleges. Mr. Ng’s business partner Donald Metcalfe assisted in the ruse, IIROC alleges.
At one point, Mr. Ng e-mailed an account balance to a lender that purported to show $90-million worth of marketable securities. In reality there was only $4 in the account, IIROC alleges.
“Mr. Ng and Metcalfe perpetrated a fraudulent scheme by deceiving lenders into providing them with millions of dollars in loans in reliance on falsified and fictitious documentation purportedly evidencing substantial financial assets as security when this was not true,” IIROC said in the statement of allegations.
When reached by phone, Mr. Ng declined to comment. The Globe was unable to reach Mr. Metcalfe for comment.
The IIROC hearing against Mr. Ng and Mr. Metcalfe is scheduled to begin in January. The pair face fines of up to $5-million per offence and a permanent ban from participation in the Canadian securities market, among other potential penalties. The allegations have not been proven.
PI Financial, a mid-sized investment bank with more than 300 employees, is no longer owned by Mr. Ng. In July the company announced that its ownership was being transferred to a joint venture controlled by H.I.G. Capital and RCM Capital Management. The company did not give any explanation for the sale at the time.
IIROC says that PI Financial reported Mr. Ng and Mr. Metcalfe’s fraudulent behaviour after becoming aware of it in late January, 2020.
“We identified unusual correspondence during an unrelated document request,” PI Financial said in a statement about the allegations.
“[We] immediately alerted our regulators, and have been co-operating with IIROC on its investigation. None of the alleged misconduct was related to the firm’s capital or client accounts, and throughout this entire period we have been serving our clients as usual – there has been no impact on our operations whatsoever,” the firm said.
Mr. Ng and Mr. Metcalfe, who served as chairman and vice-chairman of PI Financial, respectively, resigned from the company in February. Both have since failed to show up for scheduled interviews with IIROC and face additional counts of failing to co-operate with investigators.
Over the past several years, 36-year-old Mr. Ng had presented himself to investors and the media as a financial prodigy. As IIROC puts it: “[he] represented himself to others as an extremely successful businessperson who created enormous personal wealth through highly successful technology, real estate and manufacturing investments in Canada and China.”
Mr. Ng co-founded Chippingham Financial in Winnipeg in 2012. In 2018, he began acquiring other financial services firms through his holding company, Ng Group, including Montreal-based Rothenberg Capital Management Inc. and PI Financial.
During its investigation, IIROC found no evidence that PI Financial clients had suffered losses as a result of the alleged fraud.
“There has been no suggestion that PI was remiss in its procedures, however, in light of the issues raised in this investigation we undertook a review of our internal controls,” PI said in a statement. “That review concluded that PI’s controls and governance were and are not deficient. We continue to cooperate with regulators in this matter.”
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